Geely loosens grip on Volvo Cars days before $23bn IPO

The Chinese owner of Volvo Cars has bowed to pressure from Swedish investors to loosen its grip on the group's voting rights just days before the premium carmaker is set go public in [stock market listing](//www.ft.com/content/06601f78-297a-496b-9b06-bfa06546a83d) that could value it at as much as $23bn. Institutional investors in Stockholm had complained that Zhejiang Geely, the Chinese carmaker that has turned around Volvo, would sell about 20 per cent of shares in the group but would retain voting rights of about 97 per cent. Volvo's turnround is one of the biggest successes of Chinese industry abroad, but amid a souring geopolitical…